Xerox Holdings Corp raised its offer to buy HP Inc by $2 to $24 per share on Monday, following several rejections of its previous buyout offer by the PC maker.
Xerox said its latest offer comprises $18.40 in cash and 0.149 Xerox shares for each HP share — valuing the company at about $35 billion — and that it plans to launch a tender offer on or around March 2.
HP shares rose nearly three per cent to $22.31, while Xerox was up about one per cent.
The U.S. printer maker first made a $33.5 billion cash-and-stock offer for HP, a company more than three times its size, in November.
HP's board had then rejected the offer, saying it significantly undervalued the company.